Mortgage Insurance_Single Family Cooperative Housing

 

To provide insured financing for the purchase of the Corporate Certificate and Occupancy Certificate for a unit in a cooperative housing project. Ownership of the corporate certificate carries the right to occupy the unit located within the cooperative project.

Deleted 04/02/2020 (Archived.) 14.163 Agency: Department of Housing and Urban Development
Office: Office of Housing-Federal Housing Commissioner GUARANTEED/INSURED LOANS Not Applicable. National Housing Act; as amended, Section 203 (n), Emergency Home Purchase assistance act of 1974, Public Law 93-449, 88 Stat. 1364. Potential owner-occupant mortgagors are eligible to apply. Individuals/families. Documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles. Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372. This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Application is submitted for review and approval or disapproval to the HUD Homeownership Center having jurisdiction over the area where the property is located through a HUD approved lending institution. See Application Procedure. Not Applicable. Varies. HUD will state the reasons for refusing an application. The applicant may reapply subject to concurrence of the lender. Not Applicable. Not Applicable. HUD insures lenders against loss on mortgage loans. These insured loans may be used to assist individuals or families in acquiring corporate certificates and occupancy certificates in a cooperative housing project that is covered by a blanket mortgage insured under the National Housing Act. The maximum insurable mortgage loan is limited to the maximum limit under Section 203(b) minus the portion of the unpaid balance of the project mortgage attributable to the dwelling unit. Not Applicable. Not Applicable. Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations. This program has no statutory formula.
Matching requirements are not applicable to this program.
MOE requirements are not applicable to this program. The maximum mortgage term is 30 years or the remaining term of the blanket mortgage covering the cooperative development, whichever is less. Method of awarding/releasing assistance: quarterly. None. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALL-FHA (1-800-225-5342), by email at answers@hud.gov or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ. Wanda L. Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: answers@hud.gov Phone: (800) 225-5342 http://portal.hud.gov/hudportal/HUD?src=/programdescription/203n 86-4587-0-3-371. (Sale, Exchange, or Donation of Property and Goods) FY 14 Not Separately Identifiable(Exp: Reported under 14.117); FY 15 Not Separately Identifiable(Exp: Reported under 14.117); and FY 16 Not Separately Identifiable - Reported Under 14.117. No Data Available. Not Applicable. Not Applicable.